In March 2020 we introduced a six-month delay (notice period) for withdrawals or switches from our Irish and UK Property Funds.
This six-month notice period has now been removed from our Pension Property Funds, with effect from 16 April 2021.
From this date any withdrawal or switch requests are processed without delay.
Why has the notice period been lifted on the Pension Property Funds?
The onset of COVID-19 created material uncertainty around property valuations. This uncertainty has now been lifted. Following a review of the levels of cash-flow on the Pensions Property funds, a decision has been taken to remove the six-month notice period on the fund.
What funds are impacted?
- Exempt Property Fund
- Irish Property Fund
- Setanta Property Fund
- Canada Life Property Fund
What does this mean for customers?
If a customer requested a withdrawal or switch request from any fund(s) above since the notice period was introduced and the six months has not passed, their withdrawal or switch request will be processed on 16 April 2021. The price used will be the price at the end of the notice period i.e. the actual transaction date and not the request date.
Can the notice period be reintroduced?
A notice period may be reintroduced on the property funds at some point in the future. The length of any future notice period may depend on how long it takes to sell the assets in the fund. The deferral of withdrawals or switches is a feature of property funds. If this happens we will write to you.
Got any questions?
We’re here to help. Should you have any further queries please contact your Irish Life Corporate Business Account Manager or email happytohelp@irishlife.ie
Warning: If you invest in this product you may lose some or all of the money you invest.
Warning: If you invest in this product you will not have any access to your money until your retirement.
Warning: The value of your investment may go down as well as up.
Warning: These funds may be affected by changes in currency exchange rates.
